Oil prices jumped on Tuesday as the market priced in fundamentals once again, showing that when U.S. infrastructure gets punched in the face by weather, it’s more than geopolitics and vague supply forecasts that move the needle. Brent was trading around $66.90 a barrel on Tuesday late morning, up about $1.30 on the day. At the time, WTI neared $61.90. By afternoon, the gains continued, with Brent passing $67 and WTI nearing $62. The continued rise means it could be more than just a recovery from an earlier dip. It may be recalculating near-term…

Waymo is stepping up preparations for its UK rollout after its driverless vehicles were spotted on the streets of London, as the Alphabet-owned firm faces safety scrutiny in the US. The self-driving vehicle firm has confirmed it is testing its robotaxis in the capital ahead of a planned passenger launch this year, marking its second international market after Japan. This move comes as Waymo expands its paid, fully driverless ride-hailing service in the US, most recently launching in Miami. The Miami rollout makes Waymo the first operator to run…

Russian crude is piling up at sea as India’s refiners step back from purchases, leaving Moscow with millions of barrels on tankers and fewer clear outlets for its oil exports. Russia shipped an average of 3.18 million barrels per day of crude in the four weeks to January 25, according to vessel-tracking data compiled by Bloomberg. That volume was little changed from the prior week but down by about 680,000 bpd from the pre-Christmas peak and the lowest level since August. The bigger issue is not how much Russia is shipping, but where those…

In a mere five years, Guyana went from its first major petroleum discovery to first oil. The former British colony is now pumping around 900,000 barrels per day, making it South America’s third-largest oil producer. Washington’s decision to intervene in Venezuela, snatching President Nicolas Maduro during a daring night raid, removed the only major threat to that world-class oil boom. You see, Maduro was threatening to annex the mineral-rich Essequibo, a region which not only makes up two-thirds of Guyana’s territory but contains…

Offers of Venezuelan crude to India are limited, and in small volumes, as most of the oil under U.S. control is heading to the United States, Indian refining executives told Reuters. Since the U.S. took control of Venezuela’s oil sales and authorized two of the world’s biggest independent traders, Vitol and Trafigura, to market the crude, Indian refiners have vied for crude from Venezuela as they seek to diversify the large exposure to Russian crude they had amassed over the past three and a half years. Indian Oil Corporation, Hindustan…